Loopring, which is a platform for building decentralized exchanges for cryptocurrencies, has launched a new blog for its Chinese community after its previous means of communication with this community in the form of a public WeChat account got banned. Loopring’s WeChat account was essentially banned to due to the usage of terms like ICO, token economy etc.
Chinese community has been very active in showing its interest towards the aspect of cryptocurrencies and this comes off as great news for Loopring’s followers in China.
Besides this, the platform has also listed down other important updates that are being made on the platform. Loopring 2.0 protocol has been refined by the company for better experience of the users. In the recent update, it is announced by the company that Loopring Protocol 2.0 will now support all ERC20 tokens for trading. This comes off as a substantial news for the tokens that are built on this standard. This step might also increase the acceptance and usage of Loopring platform across the crypto community.
Regarding the improvements made in the protocol, it is stated by Daniel Wang, the founder of Loopring Foundation, that:
We fine-tuned the design of the Loopring Protocol 2.0 and improved the fee model, fee burning mechanism, and burn rate rank mechanism. The corresponding code was updated, and the tests were enhanced.
In the centralized framework currently prevalent, exchanges are prone to getting hacked and all the users that are associated with those exchanges become vulnerable. Users have to hand over their private keys (funds) to these centralized exchanges for making use of their services. Loopring protocol cancels this out and provides secure ecosystems to the users for performing exchange operations. The decentralized nature of the exchanges built on Loopring protocol eliminate the need of a third party intervention. Loopring itself is not a decentralized exchange, but a platform to build such exchanges.
Loopring is an open-protocol which provides the ability to build decentralized exchanges for the crypto world. Smart contracts are used for performing official trade settlements on the platform. Decentralized applications can be developed on the network that can be used to perform the exchange operations. Complete security and transparency is provided on the network for performing all kinds of trades. As stated in Loopring’s white paper:
Loopring is not a DEX, but a modular protocol for building DEXs on multiple blockchains. We disassemble the component parts of a traditional exchange and offer a set of public 2 smart contracts and decentralized actors in its place. The roles in the network include wallets, relays, liquidity-sharing consortium blockchains, order book browsers, Ring-Miners, and asset tokenization services.
The entire bi-weekly report presented forward by Loopring can be found here.